ICBC launches Malaysian arm
Source: Xinhua |
April 29, 2010, Thursday
|
Print Edition
Print Edition
THE Industrial and Commercial Bank of China (Malaysia) Bhd was launched yesterday in Kuala Lumpur, Malaysia's capital.
ICBC Malaysia will have four branches with the main office located in the heart of Kuala Lumpur.
The biggest commercial bank in China was granted a license by Bank Negara Malaysia, the central bank, to open a subsidiary bank in Malaysia in November.
Malaysian Prime Minister Najib Razak said at the launching ceremony yesterday that he hoped the Malaysia-China trade would double in five to six years.
Najib, also finance minister, said that the deepening of trade linkages between the two nations had led to China becoming Malaysia's largest trading partner last year.
While Malaysian companies had a strong presence in the wholesale and retail sectors in China, Najib said he hoped the areas of involvement could be expanded to include energy, fisheries, agriculture and technology.
Yang Kaisheng, ICBC's president, said the ever rising economic, trade and investment activities between the two nations had laid a solid foundation for further financial industry development. The strong footing also created new demands for banking services, Yang said.
ICBC Malaysia will vigorously integrate itself into the local financial market and play an active role in serving bilateral economic exchanges and trade.
The total assets of ICBC's overseas operations were around US$50 billion at the end of 2009, up 23 percent from the beginning of 2009.
Presently, the bank has extended its network across 21 countries and regions around the world. It also has correspondent banking relationship with 1,403 banks in 125 countries and regions.
ICBC Malaysia will have four branches with the main office located in the heart of Kuala Lumpur.
The biggest commercial bank in China was granted a license by Bank Negara Malaysia, the central bank, to open a subsidiary bank in Malaysia in November.
Malaysian Prime Minister Najib Razak said at the launching ceremony yesterday that he hoped the Malaysia-China trade would double in five to six years.
Najib, also finance minister, said that the deepening of trade linkages between the two nations had led to China becoming Malaysia's largest trading partner last year.
While Malaysian companies had a strong presence in the wholesale and retail sectors in China, Najib said he hoped the areas of involvement could be expanded to include energy, fisheries, agriculture and technology.
Yang Kaisheng, ICBC's president, said the ever rising economic, trade and investment activities between the two nations had laid a solid foundation for further financial industry development. The strong footing also created new demands for banking services, Yang said.
ICBC Malaysia will vigorously integrate itself into the local financial market and play an active role in serving bilateral economic exchanges and trade.
The total assets of ICBC's overseas operations were around US$50 billion at the end of 2009, up 23 percent from the beginning of 2009.
Presently, the bank has extended its network across 21 countries and regions around the world. It also has correspondent banking relationship with 1,403 banks in 125 countries and regions.
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